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Shanghai’s Trade Volume with RCEP Members Grows by 2.5% in First Two Months of 2023

BusinessShanghai's Trade Volume with RCEP Members Grows by 2.5% in First Two Months of 2023

Shanghai, a bustling metropolis in eastern China, has set a new record high in foreign trade with an impressive figure of 681.56 billion yuan (equivalent to $99.12 billion) in the first two months of this year, according to the data presented by Shanghai Customs on Tuesday. The figure marks a slight year-on-year increase of 0.7 percent, with imports up 4.7 percent year-on-year, amounting to 415.99 billion yuan, while exports dropped 4.9 percent year-on-year to 265.57 billion yuan, as stated by the customs authority.

Notably, private enterprises in Shanghai also contributed significantly to the remarkable performance of foreign trade, with their trade value reaching around 208.48 billion yuan in the first two months, displaying a robust year-on-year growth of 13.1 percent, accounting for 30.6 percent of the metropolis’s total trade value.

Furthermore, Shanghai’s trade volume with other members of the Regional Comprehensive Economic Partnership (RCEP) rose to 231.87 billion yuan, reflecting a year-on-year increase of 2.5 percent, between January and February, while its imports and exports volume with the European Union surged to 137.45 billion yuan, showcasing a year-on-year increase of 5 percent.

These impressive figures demonstrate Shanghai’s steady recovery from the economic slowdown caused by the COVID-19 pandemic. The city’s strong performance in foreign trade is a promising sign for China’s economy and the global economy as a whole. The government’s continuous efforts to strengthen trade ties with various regions and promote private enterprise have evidently borne fruit, and it will be exciting to see how Shanghai’s foreign trade continues to evolve in the future.

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